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The Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, has announced the addition of Mortgage Quality Management & Research (MQMR) as a new preferred vendor. MQMR will offer risk mitigation, third-party vendor compliance and business advisory services for Lenders One members. MQMR consulting services can help lenders be prepared to meet regulatory demands and can mitigate the risks surrounding the use of third-party vendors through well-designed vendor management processes.
“As mortgage bankers use more third-party vendors, MQMR’s compliance services and vendor and risk management solutions are essential,” said Jeff McGuiness, chief executive officer of Lenders One. “The addition of MQMR adds another critical and attractively-priced offering to help our members be compliant with their origination work.”
Many mortgage companies that reduced staff and services to continue running efficiently in recent years are now scrambling to meet the increasing volume of mortgage originations. These companies are turning to third-parties like MQMR for support with services such as vendor management and due diligence services provided by MQMR for AMC’s, appraisers, sub-servicers, brokers, and settlement agents. Highlighting this approach, the global analyst firm HFS Research in its recent Business Services Outsourcing in Banking and Financial Services Market Report projected that the third-party outsourcing market will grow more than five percent annually through 2020.
“By partnering with Lenders One, we are able to provide services to lender members that can improve their ability to manage risk in an increasingly regulated marketplace,” said Ben Madick, the president at MQMR. “We look forward to working with Lenders One to help its members use metrics to elevate performance, promote vendor accountability and ultimately improve the borrower experience.”